"We increased our price target based on our analysis of evacetrapib's chances of success, and raised forecasts for Alimta, Ixekizumab, and the CGRP antibody," Leerink analysts said.
The firm also increased its underlying forecasts for sola based on Eli Lilly's long-term position in Alzheimer's if sola is successful, according to the analyst note.
Leerink raised 2015 earnings estimates to $3.11 from $3.09 per share, with 2016 earnings estimates increased to $3.52 from $3.24 per share.
Eli Lilly is engaged in drug manufacturing business that discovers, develops, manufactures and market products in human pharmaceutical products and animal health products segments.
Shares of Eli Lilly are down 0.96% to $85.03 in afternoon trading Monday.
Separately, TheStreet Ratings team rates LILLY (ELI) & CO as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate LILLY (ELI) & CO (LLY) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its expanding profit margins, solid stock price performance and largely solid financial position with reasonable debt levels by most measures. We feel its strengths outweigh the fact that the company has had sub par growth in net income."